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PIA National's Annual Federal Legislative Summit
The 2014 PIA Federal Legislative Summit is less than three months away.
The FLS is a gathering of PIA members. In one day,
these members descend on Capitol Hill and meet with
their individual state congressional delegations. If
you've never been, this might be the year you want to
attend. Insurance issues grow exponentially each year.
The PIA National Government Affairs Committee is
currently determining the issues most important this
year to PIA members.
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PIA Partnership: 'Closing the Gap' — a new tool
A new tool designed to help independent
insurance agencies achieve growth and
profitability has been unveiled by PIA and its
agency-company council, The PIA Partnership.
Closing the Gap – Growth & Profit provides agents with calculators to help agencies
project and plan for new business growth and profitability on a five-year basis.
| Industry News from PIA Western Alliance|
PIA National: Another refutation of the McKinsey Report
PIA has again challenged various assertions in a report
issued in November by the consulting firm McKinsey &
Co.'s Financial Services Practice. The McKinsey report's
November headline proclaimed "The end of an era for
the local insurance agent." After the article was published, National Underwriter
published an extensive article, "PIA on McKinsey
Report flawed premise wrapped in a faulty analysis,"
with PIA agents around the country commenting on the
Now, National Underwriter has produced another article titled, "Challenges and
opportunities for agents and brokers in 2014."
Insurers, Obamacare payments
It's anybody's guess when someone
signs up for health insurance on
HealthCare.gov whether a payment is
being made to the insurer picked to
provide insurance. Sometimes the
consumer isn't paying. At other times
the exchange’s payment system isn't
getting the money to the insurer.
It's a real mess.
A new Deductible Reimbursement Insurance is now available to all residents of the Western Region (except Alaska). Licensed insurance agents may now sign up on the ZeroDeductible website and offer deductible reimbursement insurance to their clients directly for their auto, home and boat policies.
Click here to learn more!
Disaster 2013: Less death, damage than average
Munich Re — the world's largest reinsurer
— keeps track of natural disasters. Around
the world, floods, storms, earthquakes and other disasters took more than 20,000 lives.
They did $125 billion in damages. The firm's annual report says that is way below the average of the last decade.
CGI Federal's term as lead contractor for the
federal government's Affordable Care Act
exchange — HealthCare.gov — is over. The
company received $88 million of the $394
million designated for HealthCare.gov for
what most agree is a colossal failure.
Reform the flood reform battle rages
Bills in the U.S. Senate and House want to reform the flood
insurance reforming Bigger-Waters Act. The legislation's
critics say that by enacting the increases in the cost of flood
insurance in the National Flood Insurance Program in
order to bring the price of insurance in line with actuarial
rates, works well on paper but not in real life.
Missed last week's issue? See which articles your colleagues read most.
NAIC's 2014 leadership committees
This came to Weekly Industry News from National Association
of Insurance Commissioners. The organization has
named its 2014 committee chairs and vice chairs, and assigned
members to the organization's standing committees.
Rates 2014: A buyer's market
Commercial property rates have been rising for the
last couple of years. Those increases brought an end to the soft
market — though some disagree. That has been terrific news for the industry.
The big question now is: "What about 2014?"
Homeowners rates declined 2013
HomeInsurance.com RateReport tracks
homeowners insurance prices. It found the
average 12-month homeowners premiums
dropped from December 2012 to December
2013. On average premium was about $823 —
or 9.5 percent less than 2012's average of $900.
Before that premiums rose three years in a row.
Obamacare enrollment numbers finally released
In 2013, the Congressional Budget Office
projected the Affordable Care Act would have 7
million enrollees in 2014. The Obama administration
said so far, 2.2 million people have signed up. It's an
improvement over the numbers from late last year, but
still short of what will be needed for the Affordable
Care Act to succeed.
Do's and don'ts of reducing chances of an E&O claim
by Curtis M. Pearsall, CPCU, AIAF, CPIA — President of Pearsall Associates Inc. and Special Consultant to the Utica National E&O Program
The duties of a producer or account executive/customer
service representative in an agency present tremendous
challenges and responsibilities. It's hard work and is not
getting any easier. The knowledge expected would fill
volumes and the workload probably seems like it never
ends. These staff members deserve a tremendous amount
of credit because without them, the agency would not be the same. While the degree to
which these men and women perform this job professionally and ethically can greatly
determine the agency's success, it can heavily determine the agency's errors-and-omissions
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Everything is seasonal, so why not burglaries?
The National Insurance Crime Bureau says
burglaries are seasonal and the top months are — in order
— December, April and September.
The NICB got its information from the insurance application
software vendor Enservio. In its data, Enservio painted an interesting picture of burglary.
Claims are rising as frequency increases. And the value of what's being stolen is also
MarketScout: December 2013 rates
MarketScout released its December 2013 rate figures recently. Commercial property casualty rates rose 3 percent on
average from November to December. Commercial auto
did best at a 4 percent jump. Fiduciary, surety and crime were
tied for the lowest increase at 1 percent.
Contentment is the enemy of greatness
By C. Fredrick Crum
I recently heard a quote from Rick Warren, author of "The Purpose Driven Life." The quote goes as follows: "If you don't learn contentment, you'll never be happy. You'll always want more." Needless to say Rick Warren's quote caused me to shout, "You are wrong, you are dead wrong!" In my world, you are either in a state of improvement or a state of decline. There is no plateau. There is no contentment. While others are busy being content, the rest of us are happily working to pass them by.
Google's moving in
Insurance Networking News
Google has agreed to buy Nest, creator of "smart" thermostats and smoke alarms, for $3.2 billion in cash. And while the word "insurance" doesn't appear anywhere in the press release — or in any of the other recently released versions of this story — "the Internet of things," which is one of Insurance Networking News' Top Five Trends for 2014, does mention it. And, the potential applications for P&C insurers are many, if not immediately apparent.
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